Companies Shaking Up Indian Solar Market in 1H CY 2023

The booming Indian solar sector saw the emergence of new market leaders


Mercom’s India Solar Market Leaderboard 1H 2023 has unveiled solar market leaders in the first half (1H) of the calendar year (CY) 2023, with several Indian companies securing spots in the top ten rankings for the first time.

The report highlights significant market share changes across ten categories in the past year, offering insights into companies gaining momentum and those who fell behind. According to Mercom India Research, the impetus for domestic manufacturing will see more Indian companies gaining market share going forward.

1H 2023 India Solar Market Share Leaders

In the first half of 2023, India installed 3.6 GW solar projects, a 53% year-over-year (YoY) decline. Despite this, the country maintained a substantial pipeline of 67 GW in utility-scale projects under development by June , along with an additional 62 GW of project tenders awaiting auction.

The country’s cumulative installed solar capacity was recorded above 66 GW as of June 2023.

The report showed that the top ten large-scale project developers collectively accounted for approximately 52% of the market share.

Large-scale installations in 1H 2023 constituted 76% of the overall solar installations, amounting to nearly 2.8 GW. These installations contributed almost 43% of the total power capacity additions during this period.

Adani Green Energy emerged as the leading utility-scale solar project developer during the first half of 2023, with the most extensive solar project portfolio as of June 2023.

Tata Power Solar led rooftop installations for 1H 2023, closely followed by Havells India. The top ten rooftop solar installers collectively represented nearly 45% of the market share.

Prozeal Green Infra earned the top EPC service provider title in 1H 2023, demonstrating a YoY increase of 422%. Tata Power Solar and Vikram Solar were the other leading EPC companies during this period.

Sungrow secured its position as India’s top central and string inverter supplier, with a 35% market share. Approximately 6 GW shipments were made to India during 1H 2023 among the top five inverter suppliers.

During the first half of the year, LONGi Solar took the top spot as the leading module supplier to India. The top ten module suppliers to India collectively held around 52% of the market share during this period.

Strolar Mounting Systems emerged as the leader in solar module mounting structure supplies for 1H 2023, claiming approximately 19% of the market share. Purshotam Profiles emerged as the primary supplier for mounting structures in a cumulative context.

Among solar open access developers for 1H 2023, the top five accounted for 65% of the market share. O2 Power emerged as the top open access solar project developer during this period, commanding over 19% of the market share.

Aegeus Technologies established itself as the leading supplier of solar module robotic cleaning systems during 1H 2023. The company registered a 247% YoY growth in shipments.

The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.